Shares of BlackBerry Ltd BB were trading higher Friday after the Canadian company confirmed that it settled a legal spat with Facebook, Inc. FB.
What Happened: BlackBerry confirmed in a statement to Bloomberg it settled a dispute with the social media giant related to patent royalties. The company didn't confirm any specific details of the agreement.
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The legal dispute dates back to 2018, when BlackBerry sued Facebook. BlackBerry said Facebook was using its inventions within its messaging applications.
Facebook responded with a lawsuit of its own, saying that BlackBerry infringed on its voice messaging technology.
Why It's Important: Details of the agreement aren't known, but investors appear to be speculating that decision is in BlackBerry's favor given the strong gains.
In fact, Friday's move to a new 52-week high of $11.56 builds on Thursday's more than 30% gain.
This week, the company sold 90 patents to China's Huawei that focus on geo tagging of images, security features, and presentation of text and images.
BB Price Action: BlackBerry shares were up 12.9% at $10.28 at last check Friday.
Photo courtesy of BlackBerry.
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